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Rice exporters increase price by $10 a tonne
Vietnamese rice exporters have increased their minimum prices by US$10 per tonne following a decision from the Viet Nam Food Association (VFA) on Monday.
With this, the floor price of 25 per cent broken rice has gone up from US$460 to $470 while 5 per cent broken rise has risen from $480 to $490.
This was the seventh rice price adjustment by the VFA this year, including three reductions in the last six weeks.
In March alone, it cut the floor price twice – from $520 to $500 and from $490 to $480 for the two varieties on the 9th and to $480 and $460 last week.
Earlier, in February, the VFA told its members to buy 2 million tonnes of paddy or 1 million tonnes of rice for the reserves between March and mid-April.
Pham Quang Dieu, Chief Economist for market research company AgroMonitor, also blamed the fall in paddy prices in the Cuu Long (Mekong) Delta to a cut in imports by the Philippines.
The Philippines is seeking to bring imports down to 860,000 tonnes this year from 2.5 million tonnes in 2010 amid forecasts of a bigger harvest, Bloomberg quoted National Food Authority Administrator Angelito Banayo as saying.
The Authority will buy 200,000 tonnes and private traders the remaining 660,000 tonnes.
Viet Nam exported over 1 million tonnes of rice for $523 million in the first two months of the year, 41 per cent and 28 per cent up in terms of volume and value year on year, the VFA said.
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